Copper ended lower as investors reduced some risk as the dollar firmed and concerns about the financial stability of some euro zone banks resurfaced. Backing this view, the International Copper Study Group raised its 2011 deficit forecast for the global refined copper market to 400,000 tonnes from an April estimate of a 240,000 tonne surplus. However, latest data showed LME stocks edged up 650 tonnes to 374,450 tonnes, while material set to leave warehouses fell below 5 percent of total stock for the first time in four months. Copper has touched a low of Rs 360.35 a kg after opening at Rs 362, and last traded at Rs360.85.For today market is looking for the support at 359.4, a break below could see a test of 358 and where as resistance is now likely to be seen at 363.2, a move above could see prices testing 365.6.

Trading Ideas:

Copper trading range is 358-365.6.

Copper ended lower as investors reduced some risk as the dollar firmed

Copper is taking resistance at 363.2 and support is seen at 359.4.

Spread between copper NOV & FEB contracts yesterday ended at 2.05.